Apple Misses on Earnings, Revenue, iPhone Sales, Stock Tanks

Apple reported third-quarter earnings of $7.05 a share, on revenue of $28.3 billion.

Analysts, on average, expected Apple to earn $7.22 a share on revenue of $29.5 billion.

Apple has not missed earnings forecasts since the second quarter of 2002, according to FactSet data. Others are saying it’s the first miss since 2004, probably using Thomson Reuters or some other estimates. Let’s put it this way — it’s been a long time.

The stock initially fell 8% after hours, after gaining 0.5% during regular trading. The stock is clawing back a little bit, now down about 5% at about $398. It closed last Friday at a record high of $422.